Private Finance comments on UK Finance mortgage lending trends

Shaun Church, Director at Private Finance, comments on the publication by UK Finance of the latest mortgage lending trends.

The details can be found here: UK Finance mortgage lending trends.

“As existing homeowners approach the UK property market with a slight sense of caution, first-time buyers continue to be emboldened by the current market conditions with the value of lending to first-time buyers reaching the highest level seen so far in 2019.

“The traditional barriers that have long been blocking many first-time buyers from purchasing a home over the years are eroding. House prices are easing, stamp duty has been taken out of the equation for many and mortgage rates have fallen considerably. The challenge of raising a sizeable deposit – which has typically been the greatest obstacle facing first-time buyers – has been minimised or removed altogether thanks to the flurry of 90-95% mortgages and launch of 100% mortgages.

“The options available to assist first-time buyers have arguably never been greater. The advice of an independent mortgage broker is therefore crucial for prospective homeowners to help them navigate this field of choice and ensure they’re making decisions best suited to their finances and future goals.”

Kindly shared by Private Finance